Taiwan Stocks Hit Fresh Record High on Tech Boost

Taiwan Stocks Hit Fresh Record High on Tech Boost

The TAIEX, Taiwan’s benchmark stock index, rose 615 points, or 1.3%, to a new record high of 48,247 in Wednesday morning trade, halting losses in the previous two sessions, mainly boosted by gains in electronic technology following a rise in the Philadelphia Semiconductor Index.

Electronic Technology gained 1.5%, with TSMC, the world's largest contract chipmaker and accounting for more than 40% of the market's total value, advancing 1.2%.

Meanwhile, MediaTek and Delta Electronics surged 2.8% and 3.0%, respectively.

Hon Hai Precision Industry gained 0.6%, while ASE Technology Holding rose 2.6%.

China's PMI data also fueled sentiment, as private-sector activity in the mainland accelerated in September.

However, a downbeat session on Wall Street overnight capped the gains amid surging US Treasury yields.

Traders also anticipated the release of the US PCE Index for clues about the Fed's monetary policy decision at the upcoming meeting.

The index is heading for a 4.6% quarterly jump.